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QR Challenge: Final Review Q 11-15

Created using the ClassTools QR Treasure Hunt Generator

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Teacher Notes

A. Prior to the lesson:

1. Arrange students into groups. Each group needs at least ONE person who has a mobile device.

2. If their phone camera doesn't automatically detect and decode QR codes, ask students to

3. Print out the QR codes.

4. Cut them out and place them around your class / school.

B. The lesson:

1. Give each group a clipboard and a piece of paper so they can write down the decoded questions and their answers to them.

2. Explain to the students that the codes are hidden around the school. Each team will get ONE point for each question they correctly decode and copy down onto their sheet, and a further TWO points if they can then provide the correct answer and write this down underneath the question.

3. Away they go! The winner is the first team to return with the most correct answers in the time available. This could be within a lesson, or during a lunchbreak, or even over several days!

C. TIPS / OTHER IDEAS

4. A detailed case study in how to set up a successful QR Scavenger Hunt using this tool can be found here.

Questions / Answers (teacher reference)

Question

Answer

1. 11-The following equations MRPx/MRCx=MRPy/MRCy and MPx/Px=MPy/Py are used by firms to decide how to use the combination of two resources efficiently. Which equation is the least-cost rule and profit-maximization rule of two resources?
2. 12-Use negative externality, positive externality, produce too much, produce too little, per-unit tax, or per-unit subsidy to match to each equation: MSB>MSC and MSB
3. 13-Why is the supply of labor curve upward sloping? Why is a monopsony’s MRC above the supply of labor?3
4. 14-In the resource market, a firm hiring labor is represented by a demand curve also called the marginal revenue product. Why is the demand for labor of MRP sloping downward?4
5. 15-Assume this firm is perfectly competitive. Describe what will happen in each situation to the firm’s output and profit in the short run. 1) If demand increases in the market 2) if demand decreases in the market?5

 


Final Review Q 11-15: QR Challenge

https://www.classtools.net/QR/decode.php?text=11-The-following-equations-MRPx/MRCx=MRPy/MRCy-and-MPx/Px=MPy/Py-are-used-by-firms-to-decide-how-to-use-the-combination-of-two-resources-efficiently.--Which-equation-is-the-least-cost-rule-and-profit-maximization-rule-of-two-resources?

Question 1 (of 5)

 


Final Review Q 11-15: QR Challenge

https://www.classtools.net/QR/decode.php?text=12-Use-negative-externality,-positive-externality,-produce-too-much,-produce-too-little,-per-unit-tax,-or-per-unit-subsidy-to-match-to-each-equation:-MSB>MSC-and-MSB

Question 2 (of 5)

 


Final Review Q 11-15: QR Challenge

https://www.classtools.net/QR/decode.php?text=13-Why-is-the-supply-of-labor-curve-upward-sloping?-Why-is-a-monopsony’s-MRC-above-the-supply-of-labor?3

Question 3 (of 5)

 


Final Review Q 11-15: QR Challenge

https://www.classtools.net/QR/decode.php?text=14-In-the-resource-market,-a-firm-hiring-labor-is-represented-by-a-demand-curve-also-called-the-marginal-revenue-product.-Why-is-the-demand-for-labor-of-MRP-sloping-downward?4

Question 4 (of 5)

 


Final Review Q 11-15: QR Challenge

https://www.classtools.net/QR/decode.php?text=15-Assume-this-firm-is-perfectly-competitive.-Describe-what-will-happen-in-each-situation-to-the-firm’s-output-and-profit-in-the-short-run.-1)-If-demand-increases-in-the-market-2)-if-demand-decreases-in-the-market?5

Question 5 (of 5)